February 8, 2021
China Soymeal: Soft pre-festive market (week ended Feb 8, 2021)
Over the week, prices of CBOT March soy futures inched lower 0.25%.
Lockdowns in several cities of China resulted in delivery difficulties and a rise in transportation costs, hence curtailing the sales of soy and soymeal. Additionally, pre-Chinese New Year stockpiling gradually ended as most buyers have accumulated ample stocks to last for the upcoming long holidays. Consequently, soymeal prices weakened, albeit at a modest rate.
Weekly soymeal prices slid RMB25/tonne or 0.64% to RMB3,858/tonne on average.
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